InBrief: Paytm adds 2% fee on loading wallets using credit cards; WhatsApp to roll out ads on status

InBrief: Paytm adds 2% fee on loading wallets using credit cards; WhatsApp to roll out ads on status
Photo Credit: VCCircle
7 Jan, 2020

One97 Communications, which owns and operates digital payments company Paytm, has started charging 2% fees on adding money to the wallet through credit card from January 1, 2020, The Entrackr reports.  The Noida headquartered company has decided to charge a fee of 1.75% plus GST (Goods and Services Tax) for adding more than Rs 10,000 through any credit card in a month, the report said. Also, there are no charges for using other payment options such as debit cards or the unified payments interface (UPI), it added.

Paytm, the SoftBank-backed digital payments unicorn raised $660 million from new and returning investors.

Also read: Paytm parent backs bus ticketing platform Infinity Transoft

WhatsApp plans to bring out Instagram story-like advertisements


Facebook-owned messaging service WhatsApp is planning to roll out Instagram story-like advertisements on its platform, The Inc42 reported. The company announced about ads at the Facebook Marketing Summit (FMC) 2019, the report said. The launch date is yet to be decided. The ads will appear on the status section of the WhatsApp mobile application, it added.

HC seeks  Centre, Twitter’s response on plea for guidelines on censorship of social media

The Delhi High Court has sought opinions of the Ministry of Information Technology and Twitter on a plea by a senior advocate, The Economic Times reported. The plea was filed by senior lawyer Sanjay Hegde, who demanded the restoration of his Twitter account, which was suspended on November 5, 2019, the report said. Justice Navin Chawla who is looking into the matter has issued notices to the ministry and Twitter and listed the matter for further hearing on February 11, it added.

Unlisted firms might have to submit quarterly reports 

Unlisted companies will soon be required to submit their financial statements to the government on a quarterly or half-yearly basis, The Hindu reported. There are over 11 lakh unlisted companies that are active in the country, the report said. The Corporate Affairs Ministry is planning to roll out provisions in the companies law that would require unlisted firms to furnish financial statements every three months or six months. Through this move, the ministry aims to have updated financial details about systemically-important companies that are not listed, the report added.

Rajya Sabha committee on controlling child pornography online summons Google, Twitter and Sharechat


An ad hoc committee of the Rajya Sabha met executives from online social media platforms Google, Twitter and ShareChat, to discuss the issue of pornography on social media and its effect on children and society as a whole, Business Standard reported. The MPs have asked the companies about ways to curb child pornography on their respective platforms. Rahul Jain, India manager for public policy at Google; Mahima Kaul, head, Twitter India policy; Berges Malu, head of public policy and policy communications at ShareChat; and Amol Deshmukh and Suchika Gupta of HERD Foundation, attended the meeting with the MPs, the report said. The committee, under the chairmanship of Congress leader Jairam Ramesh, had met Facebook, TikTok and other government representatives on December 20, 2019, on the same subject, it added.

NSE Knowledge hub inaugurated in New Delhi; AI & ML to contribute $1 trillion to Indian economy by 2035 

The commerce and industry and railways minister Piyush Goyal has unveiled the National Stock Exchange (NSE) knowledge hub in New Delhi.  The knowledge hub is an artificial intelligence (AI) powered learning ecosystem that will help banking, financial services, and insurance (BFSI) sector, the press statement said. The hub will enhance skills and help academic institutions in preparing future-ready talent for the financial service industry. It is also available on mobile and attempts to bring together the best content and learners through this state- of- the- art and future-ready platform. “This industry-driven learning eco-system will help India in building next-generation skills and capabilities in the BFSI sector. The use of AI will ensure that the skill up-gradation is affordable and accessible and helps in the creation of a workforce that is adequate for the requirements of the sector. AI and Machine Learning will contribute $ 1 trillion by 2035 and this is a good beginning by NSE to tap the potential of AI and use it as a tool to create a workforce in the BFSI sector in India,” Goyal said.

DB Digital appoints Paresh Goel as its CTO

DB Digital, the digital products business of the Dainik Bhaskar Group (DBCL), has roped in Paresh Goel as its chief technology officer (CTO). Prior to the current role, Goel served as vice president of the engineering division at the social commerce platform Meesho. He has over 20 years of experience in building and operating technology systems. He has also worked with companies like  Hike Messenger and Adobe Systems.

Fashion e-commerce platform Fynd launches AI search tool Fynd Now 


Reliance-backed fashion e-commerce platform Fynd has launched an  artificial intelligence (AI) search tool Fynd Now. The new service will provide users with the relevant product information and the link to buy, thus easing the barriers to purchase, a press statement said. “At Fynd our purpose is to create an enduring shopping experience for anyone, anywhere. It is an AI-powered visual search technology that helps consumers seamlessly complete their purchase journey—from product discovery to a product purchase,” said Farooq Adam, co-founder, Fynd.